Global clean energy and technology spending experienced a significant downturn in the first half of 2026, with investments falling 17% according to Rhodium research firm. As reported by Investor's Business Daily, this decline spans across multiple sectors including solar energy, electric vehicles, sustainable aviation fuel, and manufacturing. The first quarter saw particularly steep declines that even a potential recovery in Q2 couldn't offset, highlighting broader challenges facing the clean energy sector globally. Rhodium's new report peels back global spending trends across these key sectors, revealing the extent of the investment pullback that has affected the entire clean technology ecosystem.
India's solar manufacturing industry may be entering a critical phase after years of capacity additions and policy support. According to reports from The Financial Express, India's installed solar capacity crossed 168 GW by August 2026, adding nearly 17.8 GW in just the first five months of FY27. The government is working towards 500 GW of non-fossil fuel capacity by 2030, creating significant opportunities for domestic manufacturing. The government's ALMM framework now covers both solar modules and cells, with the first cell list introduced only in July 2025 and updated again in August 2026.
At the top of the list is Emmvee Photovoltaic Power, which makes solar modules and TOPCon cells with 10.3 GW of module capacity and 2.94 GW of cell capacity. As reported by The Financial Express, the company's sales grew 51% year-on-year in Q1 FY27, while EBITDA margin increased to 35% from 34% a year earlier. Cell utilization reached 83% in Q1, compared with 45% for modules, allowing the company to consume more of its own cells and improve control over supply and margins. The company is spending around ₹55 billion on a 6 GW integrated cell and module facility, with approximately ₹33 billion tied up through debt at below 8%.
Next on the list is Websol Energy System, which has achieved a significant turnaround in utilization despite years of struggling to generate profits. According to The Financial Express, Q1 FY27 sales grew 70% year-on-year, while EBITDA margin came in at 34% against 47% a year earlier. Cell utilization reached 92%, while module utilization rose to 81% from 39% year earlier. The company has a confirmed order book of ₹12.8 billion, up 10.1% from ₹11.6 billion at the end of March 2026. Websol repaid its ₹1.1 billion IREDA term loan from internal accruals and is spending around ₹2.7 billion on upgrading a cell line to TOPCon.
Last on the list is Premier Energies, which has expanded beyond solar cells and modules into large-scale TOPCon cell capacity, transformer business, and battery energy storage. As reported by The Financial Express, consolidated sales rose to ₹78 billion in FY26 from ₹65 billion, while net profit jumped to ₹15 billion from ₹9.4 billion. Q1 revenue increased 34% year-on-year to ₹25 billion, with EBITDA margin remaining strong at 30.3%. The company has secured a ₹150 billion revenue pipeline, including transformers, with management expecting the business to gradually move towards more DCR module sales as additional cell capacity comes online.
According to The Financial Express, these three companies offer different ways to play India's renewable energy manufacturing theme, but the real test will be whether rising capacity translates into sustainable earnings and cash flow. Emmvee trades at 18.1x earnings and 6.3x book value, while Websol trades at 10.8x earnings and 4.8x book value. Premier trades at 26.4x earnings and 10.2x book value, with ROE at 42.4% and ROCE at 33.3%. The analysis emphasizes that while gigawatts of announced capacity can make for great headlines, they do not automatically translate into shareholder returns, with utilization, margins, working capital, and debt being key monitorables for investors.
